Facebook Libra: Five Democrats, led by House Financial Services Committee Chair Maxine Walters, sent Facebook a letter demanding an immediate halt to Libra development cryptocurrency project.
The letter argues that regulators will need to address a number of different issues, including their concerns about the privacy, trade, national security and monetary policy of Libra products, as “this is a completely new global financial system based on in Switzerland and is intended to compete with US monetary policy and the dollar. "
The letter also claims that Facebook has not provided much information about its plans with this project.
"If products and services such as these are inadequately regulated and without adequate supervision, they could create systemic risks that would jeopardize US and global financial stability", The letter states.
These vulnerabilities could be exploited and masked by malicious users as well as other cryptocurrencies, bureaus, and wallets as we have seen in the past. Regulators around the world have already expressed similar concerns, demonstrating the need for strong oversight.
"Given the company's troubled past, I urge Facebook to agree to a moratorium before proceeding with any move to develop cryptocurrency until Congress and regulators have the opportunity to address these issues and take action." , said Walters.
Walters will call a committee on July 17, called Examining Facebook's Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System, (Examining Facebook's Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System) για να συζητήσουν για το project Libra, τους κινδύνους και τα οφέλη των δραστηριοτήτων από το cryptocurrency.
The company presented her plans for Facebook Libra on June 18, saying he plans to release the new digital currency 2020.
The Libra cryptocurrency will be a global currency of Facebook, and can be used to buy products, send money except συνόρων ή να κάνει δωρεές. Το social network is reportedly working alongside 27 partners to launch Libra, which is expected to launch alongside a new digital wallet that will work with Messenger and WhatsApp apps.
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